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Texas Cash Market recap, Jan. 21
AUSTIN -- For the week ending Jan. 21, feeder cattle prices at the Texas locations covered by the U.S. Department of Agriculture (USDA) Market News were mostly steady to $4 higher per hundredweight. Texas direct feeder cattle sales were steady to $2 higher, with a few up to $5 higher. Oklahoma City was mostly steady on feeder cattle; steady to $2 lower on steer calves; and steady to $2 higher on heifer calves. Buyers continue to actively pursue available cattle, with prices mostly steady to higher across the region. However, reports also noted that the rate of increase has slowed somewhat. Fed cattle cash prices were $3 higher in spite of lower beef prices and tight packer margins.
Cotton prices were higher after China reported its 2011 production was more than 3 million bales less than the current USDA projection. The weekly export sales report showed the highest purchases since November. Corn and grain sorghum were higher after strong weekly export sales reinforced prospects that lower South American production will increase demand for U.S. grain. Wheat prices continued to slide lower as ample global supplies again pressured markets.
As for futures markets, feeder cattle, fed cattle, cotton, and corn were higher, while wheat and lumber were lower. The January feeder cattle contract hit new record highs early in the week amid prospects for tighter supplies. Light showers were reported in parts of the High Plains and in East Texas, with amounts of an inch or more limited to a few locations in East Texas. Little or no precipitation was recorded in the rest of the state. Topsoil moisture was rated in short to very short supply in much of west and south Texas while the remainder of the state was mostly short to adequate. Some areas of surplus moisture were noted along the Upper Coast. Winter wheat was 95 percent emerged and in mostly good to poor condition. Preparations for spring planting are underway in many areas. Pastures were rated in mostly poor to very poor condition, though recent rains and warm temperatures have helped winter grasses.
Texas Cash Markets for the week ending Jan. 21:
The cash prices above are market averages for locations covered by the USDA Market News program and do not reflect any particular sale at any specific location.
Feeder cattle prices are for 500-600 pound medium and large No. 1 steers at the Oklahoma City National Stockyards. Futures prices are quoted for the nearest month contract on the last trading day of the week.
For more information, contact TDA at 1-800-835-5832 or visit the website, http://www.TexasAgriculture.gov.
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